The British high street faces another potential blow as the fashion brand LK Bennett, famously worn by the Princess of Wales, stands on the precipice of collapse. The company has taken formal steps towards entering administration, casting doubt over the future of its stores and workforce.
A Second Warning Sign for the Retailer
LK Bennett filed a notice of intention to appoint an administrator at the High Court on January 14, 2026. This legal move signals that a company is preparing to enter administration and provides a temporary, ten-day freeze that stops creditors from taking immediate legal action. Notably, this is the second such warning in a matter of weeks; the brand also filed an identical notice on December 30, 2025.
The retailer, founded in 1990 by Linda Bennett – known as the “Queen of the Kitten Heel” – was once a powerhouse with around 200 outlets across the UK. Its current footprint is a shadow of its former self, comprising just nine standalone stores and 13 concessions. The business has been working with restructuring advisers from Alvarez & Marsal in recent weeks in a bid to secure its future.
A Tumultuous History of Ownership and Rescue
The brand's journey has been marked by significant ownership changes. Founder Linda Bennett sold the business for an estimated £100million in 2008 to a consortium led by private equity firm Phoenix Equity Partners. A decade later, LK Bennett was rescued from administration in 2019 by its current owner, Byland UK, which is controlled by Rebecca Feng.
Ms Feng, who runs the Chinese operations, moved to lead the global business from the UK following the takeover. At the time, she stated her commitment to preserving the brand's British heritage, saying: "Under our plan, the business will continue to operate out of the UK, looking to maintain the long-standing and undoubted heritage of the brand. This will be achieved through a combination of working with quality British design, and the business's existing supply chain."
Despite these intentions, the company's latest financial accounts reveal a challenging picture. For the period ending January 27, 2024, LK Bennett recorded a post-tax loss of £3.5million on a turnover of £42.1million.
Potential Lifelines and High Street Consolidation
Amid the crisis, a potential buyer has emerged. Reports from Sky News suggest that retail giant Next could be interested in a deal for LK Bennett's brand and intellectual property assets, though likely not its physical retail outlets. This would follow Next's established pattern of acquiring distressed brands, having previously bought Cath Kidston, Joules, Seraphine, and Made.com.
In a parallel development, Next is also reportedly exploring a takeover of the 145-year-old, family-owned shoe retailer Russell & Bromley. Sky News indicates Next is working with advisory firm Retail Realisation on a potential deal for the chain, which has 37 UK stores. Russell & Bromley, founded in 1880 and now run by Andrew Bromley, had previously hired Interpath Advisory to secure new financing as part of a five-year turnaround plan.
The fate of LK Bennett now hangs in the balance during the critical ten-day protection period. Whether it will be rescued, broken up, or fall into administration for the second time in five years remains a pressing question for the UK's retail landscape.
